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(H1) Bearish Risk Remains Present

BOBL TECHS
  • RES 4: 135.370 High Jan 29
  • RES 3: 135.195 50-day EMA
  • RES 2: 135.113 20-day EMA
  • RES 1: 135.010 High Feb 5
  • PRICE: 134.950 @ 05:04 GMT Feb 10
  • SUP 1: 134.790 Low Feb 5 and the bear trigger
  • SUP 2: 134.620 1.00 proj of Dec 11 - Jan 12 sell-off from Jan 27 high
  • SUP 3: 134.530 Low Sep 1, 2020 (cont)
  • SUP 4: 134.450 Low Aug 14, 2020 (cont)

BOBL futures outlook is unchanged and a weaker tone remains intact following last week's sell-off and the extension lower from 135.480, Jan 27 high. The sell-off last week saw price trade below support at 134.970, Jan 22 low and 134.840, Jan 12 low and a bear trigger. The break of this latter level strengthens a bearish argument and signals scope for a 134.620, a Fibonacci projection. Initial resistance is seen at the Feb 5 high of 135.010.

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